Ki Young Ju Projects Bitcoin Price Ceiling at $135K, Cautions on Market Dynamics

November 2024 — Ki Young Ju, the founder and CEO of CryptoQuant, has revised his previous Bitcoin price forecasts, setting a new ceiling of $135,000 for the cryptocurrency, with a 2024 price target of $112,000. This adjustment comes after his latest quantitative analysis of Bitcoin's price action, which takes into account capital inflows, particularly from exchange-traded funds (ETFs) and other investment products.

Ju emphasized that these price targets are based on current market conditions and are subject to change, depending on future market developments. He also cautioned traders, noting that the Bitcoin market remains volatile, with price swings potentially exacerbated by overleveraged positions. According to Ju, the perpetual futures market is currently overleveraged by approximately 2.7 times more than it was earlier in 2024. As a result, liquidations of leveraged long positions could put downward pressure on Bitcoin's price, and cascading liquidations may lead to significant price corrections.

While acknowledging the ongoing Bitcoin bull market, Ju noted that the path ahead is uncertain. Analysts remain divided on where Bitcoin’s price is headed next. Some predict further upside, while others are more cautious.

Profit-Taking and Potential Price Corrections

CryptoQuant contributor Percival recently pointed out that long-term Bitcoin holders—those who have held the asset for 155 days or more—are beginning to take profits around the $90,000 level. However, Percival clarified that this group of sellers is not representative of all long-term holders. He suggested that many Bitcoin investors are waiting for higher prices before cashing out, particularly noting that long-term holders typically do not consider $90K a significant profit-taking point. Using data from Realized Price UTXO Bands, Percival argued that Bitcoin will need to reach higher levels for these holders to see more substantial gains.

Meanwhile, BaroVirtual, another CryptoQuant contributor, predicted a potential price correction to around $70,000 before Bitcoin targets the $100,000 mark. However, some analysts believe that a deep correction can be avoided if Bitcoin maintains a price above $85,000 in the coming weeks.

As Bitcoin continues its price discovery process, the market remains divided, with analysts cautiously watching key price levels that could determine the next phase of the bull market.